Innovate Finance chief executive Janine Hirt is representing peer-to-peer and alternative lending as part of discussions with the regulators and government about the post Brexit regulatory regime.
Hirt (pictured), who took up the reins of the fintech trade body on 1 May, was recently invited to join the government’s Financial Services Brexit Business Task Force, which focuses on regulatory opportunities for a competitive post-Brexit business environment.
She told Peer2Peer Finance News that she is representing the whole of the UK’s fintech sector, which was said was the “envy of many” and this “very much” includes P2P and alternative lending.
“I think as we speak about the post-Covid environment, P2P and alternative lending are such examples of the great role fintech can play for a positive impact in society,” said Hirt.
“It was one roundtable so far, my role is to showcase how important the fintech is to the UK economy and UK society, and that’s very much P2P and alternative lending, and that leads back to the positive benefits of fintech on UK society.
“We’re a global leader in fintech and that comes from innovation and massive investment and that’s down to a mix of components, the government, a proactive regulator, a diverse talent pool, but we also want to ensure we continue to see commitment from the government to support the sector and I think we have seen that from the Kalifa Review and we want to see that continue going forward.
“Fintech is a really positive story for the UK and that’s important as we create our global identity post Brexit as well. Our fintech sector is the envy of many.
“I think we are at a really important time for the UK and being outside of the EU means we have some opportunities in terms of regulation and how we look at this environment, it is the time to protect the consumer while allowing the environment to thrive with innovation.”
Hirt also underlined the importance of the UK remaining a global leader within open banking – the data-sharing initiative aimed at improving competition among financial services for consumers.
“While building on some of our strengths, we’ve always been a leader in open banking and open finance and want to continue to stay ahead of the curve,” she said.
“It’s important we don’t rest on our laurels We’ve got to keep that momentum.”
Innovate Finance data has shown that the UK fintech sector attracted $5.7bn (£4.1bn) in investment in the first half of the year, 34 per cent more than the whole amount raised during 2020 ($4.3bn).
Last August, Charlotte Crosswell, who was chief executive of Innovate Finance at the time, said she was representing the sector in post Brexit trade talks as part of one of the 11 trade advisory groups headed by international trade secretary Liz Truss.